Personal Contract Purchase Claim also known as PCP Claims was put in place to tackle PCP car finance, which was an easier way to purchase a vehicle in the UK until it wasn’t.
What was PCP Car Finance
With the help of the PCP Car financing method, UK residents were able to stretch their vehicle payments to a monthly basis. This way, they could purchase a vehicle while also managing their budget.
PCP car finance allowed them to first,
- Pay an initial deposit
- Pay a fixed monthly payment
- And at the end, a balloon payment.
By paying the balloon payment which was the final payment, they had ownership of the vehicle. However, an option to return the vehicle before the final payment was also available if they didn’t want to keep it.
What is a Personal Contract Purchase Claim (PCP Claims)
The Financial Conduct Authority has acknowledged that so many people have been scammed in the last decade by dealerships. Such dealers do not disclose anything about commission you are paying during your contract.If you are facing any mis-sold car finance you can apply for the PCP claims. The average APR is 4.9% and if you have been charged 4.9% and signed your deal within ten years, then you are eligible for making a PCP claim.
This happens when a dealer does not accurately represent the deal in full detail. This eventually results in the customer losing money.
How PCP Claims are Mis-sold?
PCP finance is mis-sold when the buyer is not aware of what they are getting into. The deal they are initially offered looks attractive but later they realise that they are in debt and have to pay a commission that they didn’t know about.
This leaves the buyer in serious financial problems.
How much is a PCP claim compensation worth?
Gladly you can get compensated thanks to PCP claims. PCP compensation is very popular around the UK because a lot of people have been mis-sold on this product. However, there’s another reason, the compensation that one receives is around £3,000.
This has encouraged thousands of UK residents to hire a legal advisor. You can also contact Legal Assist, like thousands of others, and get your claim started from today.
Am I eligible for a PCP claim?
To be eligible for PCP finance claims, you need to be eligible for the following;
- You purchased the car finance PCP contract within the last 10 years.
- The dealer did not clearly inform you about the deal including the fee structure, the commission, and the total cost.
- The deal offered to you didn’t act in your best interest which eventually led you to lose money.
- The annual percentage rate charged to you was more than 4.9%.
- Additional insurance add-ons that you did not need were added to the total fee structure.
- The seller/dealer knew that they were not providing complete and correct information to you.
If all this sounds familiar then PCP claims would be a valid choice for you. Legal Assist now support almost every city in the UK. If you are living in Pendle and have a PCP claim, our team at Legal Assist Pendle will look to get your claim sorted.
Can I claim PCP compensation for multiple vehicles?
Yes, many UK residents have claimed compensation of up to £15,000, just because they purchased multiple vehicles through PCP finance and they were all missold to them.
Whether you purchased a car, van, or truck, you can claim compensation for them. You can even claim for second-hand vehicles as well.
PCP car finance claims are real and they are applicable to anyone who was missold on the financial PCP.
Legal Assist has an experienced panel that offers expert legal support in your PCP claims journey. We are amongst the best PCP claims companies across Manchester. Our team can quickly review your case and do the heavy lifting so that you can recover your losses.
You can call us today or book a consultation session with our legal experts via email.